Inner Galaxy to establish $400m steel factory in Ogun

Li Shuang, president of Inner Galaxy Group, says the company plans to invest $400 million in the establishment of a hot rolled coil steel factory in Ogun state.

Shuang spoke on Tuesday when he led the company’s executives on a courtesy visit to Dapo Abiodun, governor of Ogun, in Abeokuta.

He said the proposed factory, to be sited in Ewekoro local government area, is expected to employ about 6,500 direct and indirect workers when operations begin in April 2026.

”We are multinational company with vast investments in Asia, the Philippines, Malaysia, and some African countries like Ghana and Angola, entered the Nigerian market in 2005, producing iron rods for the building industry,” Shuang said.

In his remarks, Abiodun welcomed the planned investment, attributing it to his administration’s deliberate actions to create a business-friendly environment and position the state as the top industrial destination in Nigeria and the West African region.

“This is a $400 million investment; this aligns with the President’s vision to ensure that we grow this economy to a trillion dollars, and I think that you will be contributing your quota in achieving that,” the governor said.

”We are excited that you will also be employing people.

“I will be commissioning a multimillion-dollar diagnostic equipment facility during the week. This administration has managed to attract quite a lot of industries in the last six years.”

He said the state is richly endowed with both human and natural resources, adding that significant deposits of alluvial gold have been found, alongside what is believed to be the highest-grade lithium in the country.

“I think it may interest you to know that we also have lithium in Ogun state; the lithium in Ogun state is reported to be the highest quality in Nigeria,” Abiodun said.

“We are number one in non-oil revenue in Nigeria because two-thirds of the state sits on limestone.

”We have a lot of limestone here; we are actually number one in cement production in Sub-Saharan Africa, and we are number three in all of Africa.”

The governor said his administration has developed a comprehensive infrastructure framework designed to support investments coming into the state.

Abiodun noted that the state offers essential infrastructure such as roads, rail links, access to an airport, affordable housing, quality healthcare, and educational facilities.